IT Department activates e-filing for three more ITRs

The Income Tax Department today launched the e-filing of income tax returns for a few more category of filers for the assessment year 2016-2017 after it operationalized some of them early this week.

The latest enabled Income Tax Returns (ITRs) include ITR-2 for individuals and Hindu Undivided families not having income from business or profession, 2A for individuals and HUFs not having Income from business or profession and capital gains and who do not hold assets and ITR-3 which is meant for individuals or HUFs being partners in firms and not carrying out business or profession under any proprietorship.

What is the process to e-verify your income tax return.

After filing income tax returns, you are supposed to get it verified. Earlier it was mandatory to send the physical copies to income tax department, now you can e-verify it in minutes. Your income tax return filling process is not incomplete until you have successfully verified your income tax return earlier returns could be verified via posting the ITR-V or use of digital signatures. Auditing firms in India 

                                                

Tax planning: Time to rush

If your employer’s deadline has passed, you can still claim deductions while filing Income Tax returns you can also consult to chartered accountant in Delhi.  

With March 31 approaching fast, most employees should ideally have given all their tax planning proof to their respective companies.

If you have still not done so, it’s time to rush.

There are some key documents you need to submit as soon as possible.

If your employer is still accepting documents you will be able to claim reimbursements such as leave travel allowance, medical and telephone.

 

Read more at: http://www.rediff.com/business/report/perfin-tax-planning-time-to-rush/20160321.htm

Taxman gets more teeth to track non-fillers of Income Tax

Aimed at further arming the taxman to go after those who do not file their income tax returns (ITRs), a new database of multiple addresses of such erring assesses has been set up by the department.

For more info visit http://goo.gl/z8C8hu

A new technology enhancement by the systems wing of the department has been added to the ‘Non-Filers Management System’ electronic database, the address used by a person or his associate in the ITR or Annual Information Return filed by him.

Source: Hindustan Times, New Delhi, 15th Feb. 2016

Service Tax Guide for Indian

Service Tax is a Tax which is paid by the provider of service. Any person whose revenue from providing of any type service (Whether Consultancy Risk advisory, Audit service in India and other service etc. During the year is more than Rs.10 lakh is liable to pay service tax as per the Tax rates prescribed by the Govt.

The current service tax rate is 12.36% (will be 14% from coming year), and the govt keeps the changing this rate in the budget announced every year. Service tax liable to be paid to any service rendered by any person in India. Ruchi Anand & Associates is the prominent chartered accountant in India. They handled tax and accounting services related matters very carefully.

10 best tax-saving investments

Multiple options. Contradictory advice. And a deadline that's approaching fast. Many taxpayers find themselves in this situation at the beginning of the year when they have to make tax-saving investments.

Are you also confused? Before you make a choice, go through our cover story to know which the best option for you is. We have ranked 10 of the most common investments under Section 80C on five basic parameters: returns, safety, flexibility, liquidity and taxability. Every investment has its pros and cons. The PPF may not have a very high return, but its tax-free status, flexibility of investment and liquidity by way of loans and withdrawals, gives it the crown in our beauty pageant. Equity-linked saving schemes come in second because of their high returns, flexibility, liquidity and tax-free status. However, traditional insurance policies, an all-time favourite of Indian taxpayers, manage the ninth place because of the low returns they offer and their rigidity. Ruchi Anand & Associates is the prominent Tax advisor in India. We provide Audit and Assurance services in India, Risk advisory services in India, Internal audit services in India for improving your financial efficiency accuracy and stability.

Yuvraj Singh and Hazel Keech's roka ceremony this month?

The big secret wedding date of a cricketer-actor is that of Yuvraj Singh. The sixer-specialist is actually bowled over by actor Hazel Keech (she acted with Salman Khan and Kareena Kapoor in Bodyguard). The two have been dating surreptitiously and seriously for months now, and very few of their friends are privy to their relationship status.